Edgewater is known for its leafy streets, Lake Michigan views, and surplus of theater companies (15!). But million-dollar homes? Add them to the list.
“The luxury housing market in Edgewater, especially over the last couple of years, has seen heights it hasn’t before,” says Nate Brecht, a Redfin real estate agent who lived in Edgewater for 10 years and specializes in Chicago’s lakeside communities. In 2015, nine homes in the neighborhood sold for $1 million or more, according to Midwest Real Estate Data. Last year that number jumped to 29—and Brecht says this year is trending the same. (Granted, there were only eight such listings on the market in late May.)
Prices started to creep up in 2012 as buyers looked north after being shut out of nearby Lake View, where listings hovered around $211 per square foot, according to Redfin. Homes in Edgewater, by contrast, were a relative bargain. They averaged just $98 per square foot and offered access to good schools, four L stops, and the neighborhood’s increasing number of shops and restaurants—all of which helped attract new residents. As of this March, the price per square foot had shot up to $178 (compared with $134 citywide).
Thanks to an influx of swanky new homes around the former Edgewater Medical Center site, as well as the promise of a Metra stop at Peterson when the budget stalemate ends, the momentum is likely to continue. Especially since many city dwellers still see a lot of value to be had despite the million-dollar price tags, says Janice Corley, a broker and owner of Re/Max Premier Properties. “What’s attractive to a lot of growing families in this luxury category is lot size, and most of the homes you’ll find selling [in Edgewater] are not standard lots—they’re oversized.”
On the Market
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